Note 1 - Organization and Summary of Significant Accounting Policies: Mortgage Note Receivable (Policies)

12 Months Ended

Dec. 31, 2012

Policies

Mortgage Note Receivable

Mortgage Note Receivable

The Partnership reviews its mortgage note receivable whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable.  The Partnership has recorded its mortgage note receivable at December 31, 2012 and 2011 at the amount at which the Partnership acquired the mortgage note receivable during 2006 less equity in loss recognized with respect to the Local Partnership that is obligated under the mortgage note. During the year ended December 31, 2011, the Partnership recognized an impairment loss of $50,000 related to the mortgage note receivable. No impairment was recognized during the year ended December 31, 2012. See “Note 3 – Mortgage Note Receivable” for further information.